Today’s N&O reports that Raleigh City Council members are already considering a property tax hike to help feed the city’s growing government.
Last year, I wrote about how Raleigh raised its cost of living for residents with property tax hikes, increased water/sewer fees along with an increase of 155 other city fees. Apparently, that wasn’t enough.
Undoubtedly putting upward pressure on Raleigh taxes is the city’s $7 billion debt(open “local debt” file at bottom of page). At $18,600, Raleigh’s per capita debt ratio is far and away the highest of any North Carolina city. That works out to more than $74,500 per family of four (debt totals calculated as of Dec. 31, 2008 – the latest data available).
With such a massive debt liability, Raleigh residents can expect more and more tax hikes to consume a larger share of their income for the foreseeable future.